Collect Beneficiary Forms at Enrollment

Some things always go together:

Peanut butter and jelly. Sun and moon…

…and Beneficiary Designation and Enrollment Forms.

Having current beneficiary designations on file for every CalPERS 457 Plan account is important. The information ensures that the Plan account balance would go to the beneficiaries upon the death of the participant.

Avoid Extra Work and Delays

The enrollment process for the CalPERS 457 Plan is done manually. It goes smoothly when:

• The handwriting on each form is clear and easy to read.
• Every blank on every page of the form is filled in.
• The employer and the participant sign the Enrollment Form.

The process takes longer if:

• Writing isn’t legible.
• Form pages are missing, especially page 2.
• The employer name and plan number are left blank.

No one likes to make mistakes or redo paperwork. So please encourage your team who handles enrollment to recheck the Enrollment and Beneficiary Designation Forms before faxing them to Voya^®. This saves your staff time and helps your employees begin investing in the CalPERS 457 Plan promptly.

If you or your staff have questions about enrollment or need help with forms, please contact your plan administrator at CalPERS_Plan_Admin@voya.com.

When Retirees Return to Work at Your Agency

CalPERS Supplemental Income 457 Plan participants who resume working at your agency as retired annuitants need to understand how re-employment affects their potential CalPERS 457 Plan withdrawals.

Before your agency rehires retired annuitants:

• Explain that they will be ineligible to take distributions from their CalPERS 457 Plan accounts associated with your agency until they are completely separated from service.

• Encourage them to read the retired annuitant requirements.

A retired annuitant who is a rehired employee may still request in-service withdrawals from the CalPERS 457 Plan, including transfers to another approved 457(b) plan provider, in-service transfers to purchase service credit, withdrawals from the rollover account, unforeseen emergency withdrawals and withdrawals from a de minimis account (balance less than $5,000 and no contributions for 24 consecutive months or more), subject to IRS requirements.

Helping Participants Catch Up on Retirement Saving

As your agency’s employees get closer to retiring, they may be eligible for a once-in-a-lifetime opportunity to put away more for their future.

The CalPERS Supplemental Income 457 Plan’s Three-Year Special 457(b) Catch-Up Provision is available to participants who did not contribute the maximum amounts allowed in previous eligible years. In 2018, the maximum annual contribution including the Three-Year Special 457(b) Catch-Up is up to $37,000.

Using this catch-up involves advance planning. Four to five years before the year they expect to elect as their normal retirement age, participants should meet with your staff to learn if they are eligible. They will work closely with your staff who will:

• Explain the Three-Year Special 457(b) Guidelines.
• Calculate the amounts available to them under the Three-Year Special 457(b) Catch-Up based on their prior contributions. You may need to consult old payroll records if employees don’t have their past W-2s. 
• Review the Participant Change Authorization Form and Three-Year Special 457(b) Catch-Up Worksheet the participant fills out, including prior years of payroll history, for accuracy.
• Make sure the employer signs the worksheet. If the employer’s signature is missing, the worksheet won’t be accepted for processing.
• Contact CalPERS_Plan_Admin@voya.com for assistance.

IRS rules provide that the Three-Year Special 457(b) Catch-Up and the Age 50 Catch-Up cannot be used in the same tax year. Participants who are eligible for both can use the catch-up option that allows them to contribute the greatest amount in that tax year.

New Northern Representative Joins the Local Team

David Vallerga

To serve your employees better, the CalPERS Supplemental Income 457 Plan team of local Voya^® representatives welcomed its newest member, David Vallerga, as the representative for the Northern California territory on May 1, 2018.

Like the rest of the Voya team, David is available to work with employees by telephone or in person. He answers questions, provides personal CalPERS 457 Plan account reviews, conducts educational sessions about retirement planning and investment basics and holds employee group meetings.

David brings more than 10 years of experience servicing 457(b) retirement accounts. Most recently, he was a Retirement Education Specialist with MassMutual. David holds a BS in Business Administration with an emphasis in Finance and is a Registered Representative of Voya Retirement Advisors who holds California Life and Securities Series 7 and 63 licenses.

September 14 Webinar on Diversification

Please encourage employees to join Staying The Course – A 457 Educational Presentation on Friday, September 14, 2018 at 12 p.m. (Pacific Time). This webinar discusses the importance of diversification and how it applies to retirement income planning.

There are two easy ways to register:

• Go to https://attendee.gotowebinar.com/register/6502332932304204803
  A confirmation will be sent by email with instructions for joining the webinar.
  
  
• Or visit gotowebinar.com and join webinar ID: 498-701-163. 

Personal Phone Reviews For Your Employees

Your employees can get answers and help with their CalPERS 457 Plan accounts from experienced registered representatives.*

When they use www.calpers457.checkappointments.com to set an appointment, they will receive a confirmation and reminder by email. Or they can call toll free 1-888-713-8244 weekdays 8 a.m. – 5 p.m. (Pacific Time).

* Information from registered Plan Service Representatives is for educational purposes only and is not legal, tax or investment advice. Local Plan Service Representatives are registered representatives of Voya Financial Advisors, Inc. (member SIPC).